Research On The Influence Of Financing Structure On Investment Behavior Of Enterprises Based On The Perspective Of Control Right

The financing and investment funds is the most important part of modern enterprise, both independent and interrelated, the financing problem in the course of business management, compensation for the use of the funds must be based on effective investment demand as the basis, the latter is the emphasis on corporate earnings and other resource allocation problems effectively, make the investment decision should also consider their own financing restraint ability, selective investment in its capabilities within the permitted. However, for a long time, the research of a unilateral and investment behavior, most scholars only focus on the financing structure inside, ignore between financing structure and investment behavior of the whole internal contact. In addition, deviation of ownership and control in large shareholders in order to obtain benefits and distorted investment behavior and preference of debt financing, the financing structure of the internal imbalance. Therefore, this article from the perspective of control in-depth study of main factors influencing China’s pharmaceutical manufacturing enterprise investment behavior, reveal the pharmaceutical manufacturing enterprise financing structure internal mechanism of change impact on investment behavior, which not only on the micro pharmaceutical manufacturing enterprises to make reasonable financing decision, and improve government regulation of pharmaceutical enterprises in the manufacturing industry in the macro development, has a very important theoretical and realistic significance.In this article, the financing structure is defined as the lag period of the asset liability ratio and the current incremental financing and internal net operating cash flow, thus starting with the theory of domestic and foreign scholars and empirical research, firstly, in the theoretical analysis of the investment behavior of enterprises is affected by the mechanism of financial structure constraint, and then a comprehensive analysis the main status and characteristics of China’s pharmaceutical manufacturing enterprise financing, and financing structure and investment decision mechanism etc. On this basis, using the panel data of manufacturing industry financial data as the empirical needed medicine listed in 2010-2014 of China, the empirical measure of all samples using the main business asset returns and risk transfer motivation, combined with the analysis of econometric methods, respectively, according to the equity nature of the enterprise and the concentration of packet angle an empirical analysis of the lag phase, asset liability ratio, the current rate of change of exogenous incremental financing and internal net operating cash flow of Chinese medicine manufacturing enterprise investment expenditure rate influence, and further explore the relationship between the pharmaceutical industry listing Corporation financing structure and investment behavior. The results of the study showed that China’s pharmaceutical industry listing Corporation investment expenditure scale is mainly affected by the debt financing constraints of high growth enterprises showed obvious excessive investment, which is mainly affected by the external debt financing effect, in addition, were grouped according to the degree of equity concentration in high growth with non controlling shareholders of the weak risk transfer motivation the enterprise showed excessive investment behavior of the debt agency cost increase, while the debt governance mechanism of non controlling shareholders in low growth enterprises is relatively weak. According to the nature of equity grouping, non state-owned enterprises found in excess of investment and debt governance mechanism for empirical evidence leading benefit, also support the state-owned enterprise internal net operating cash flow rate and investment rate had a significant negative correlation, while in non state-owned enterprises is positively related, which explains the non state the external financing channel is worse than the state-owned enterprises. According to the research results, this article from the status quo of China’s pharmaceutical industry enterprises financing channels of distortion, according to the research conclusion put forward to strengthen the construction of enterprise external market and internal governance mechanism constraint, and further improve the creditor governance mechanism policy suggestions to promote the healthy and stable development of China’s pharmaceutical manufacturing industry.